Bonus Baby!
It’s a common occurrence in professional sports. A
young man in his early 20s is flush with cash after inking
his first contract that is accompanied by a generous signing
bonus. One minute, he is a college student with barely enough
money to buy lunch at a fast-food restaurant, and seconds
later he is an instant multi-millionaire.
In many cases, that money does not follow the athletes home,
nor is it deposited at the bank. Often, a bulk of the Benjamins
find their way back into the community – as in car dealerships,
clothing stores, jewelers and real estate agents.
“I’ve seen guys go through a few million dollars
in a matter of weeks,” said John Sestina, a Columbus,
Ohio-based fee-only financial planner whose client roster
has included many professional athletes, such as Rod Woodson
and Deion Sanders. “A young guy with no experience managing
money who suddenly finds himself with enormous wealth from
a generous signing bonus can be a dangerous match.”
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